Speakers: Dr. Rajeswari Sengupta, Assistant Professor, Indira Gandhi Institute of Development Research and Mr. Pratik Datta, Researcher, National Institute of Public Finance and Policy

The current Indian framework for corporate insolvency resolution is complex and fragmented. It is fraught with deficiencies in the laws, their procedures, their implementation as well as in the capacity of the institutions supporting them. The absence of a coherent and effective mechanism for resolving corporate insolvency has resulted in poor economic as well as legal outcomes. In this context, we will present a brief description of the Insolvency and Bankruptcy Code (IBC) 2016 which is most recent policy initiative in this field. We will talk about the economic principles of the new law, its process features as well as the institutional infrastructure required to make it work. The IBC is a clean, modern law that offers a coherent answer to the insolvency resolution problems under current Indian conditions. Once implemented, the law can potentially change not only the manner in which insolvency is resolved in India, but also the entire credit landscape in the country.